Saturday, January 9, 2016

Jobs number crushes expectations, but wages decline and part time employment reigns

On Jan. 8 the newest jobs report was published, with the overall numbers crushing analyst expectations as most had estimated that 200,000 would be created for the month of December.  Yet when you look further into the meat of the 292,000 new jobs recorded by the BLS, you find that not only were the majority of them part time (probably holiday seasonal) ones, but average wages for all jobs declined a tick for the first time since 2014.
This is also the first jobs report following the Fed’s hiking of interest rates, and as we saw with Macy’s just a few days ago, it will not be surprising if most retailers layoff many of these part time workers once the end of January comes upon us.

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